VFD Group has in an agreed trade sold a significant block of its stake in NEM Insurance Plc. The sale occurred in conjunction with other key stakeholders of the insurance company.
A combined block of one billion, six hundred million (1,600,000,000) ordinary shares of NEM Insurance Plc, representing about 30% of the latter’s issued share capital, was sold to new shareholders. The trade which happened at year end 2018 closed at a significant premium to the closing price on the floor of the Exchange.
VFD Group has had extensive discussions with the Management and Board of NEM Insurance Plc in the last couple of months over its interest in working with the team, to unlock the latent value the Group sees in them. However, as VFD Group could not agree on the modalities for working together in pursuing this vision, the Group recently reached an amicable understanding and have thus decided to exit its investment in this great company.
VFD Group wishes the Management and Board well in their visionary leadership of the company, given its huge potentials.
For enquiries, please send an email to email@example.com